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Webcast

The Ultimate Account Manager -Errors and Omission


Total Credits: 2 including 2 CE Credit

Average Rating:
   28
Bundle(s):
The New Ultimate Account Manager Series
Categories:
Errors and Omissions |  Other E&O Training |  Professional Development |  Professional Development - Agency Development |  MLIS Designation Update Qualified
Faculty:
Cheryl Koch |  Sharon A, Koches, CPCU, RPLU, AAI, AU, ITP
Course Levels:
Intermediate
Duration:
2 Hours
License:
Product Setting: Expires 30 day(s) after program date.

Dates
Please Note: Programs with a ☾ insignia begin after 5pm or air on the weekend.


Description

Three or four decades ago, about 1 in 25 agencies could expect to have an E&O claim, and up until that time there were few, if any, claims paid in excess of $300,000. A typical deductible for agency E&O coverage was $2,500 to $5,000. Today, one in five agencies can expect to be involved in some kind of E&O situation. Many agencies are forced to carry deductibles of $50,000 or more on their professional liability policies and too many E&O claims will usually result in non-renewal of the agency’s E&O and possible placement in a non-standard (and very expensive) market.

When disasters strike, as they now so often do, there is a “second catastrophe” that follows in the wake of hurricanes, tornadoes, wildfires and earthquakes. These are the E&O claims brought by clients who were either uninsured or inadequately insured for their loss. With widespread losses, mistakes agents may have made are uncovered that might not otherwise be brought to light.

Another emerging trend is E&O actions against agencies that are brought by insurance companies. If an agent makes a mistake that causes a loss to an insurer that would not have taken place had the agent not made the error, the company will pay the claim to the policyholder and then sue the agency for reimbursement of the loss. An example would be information that was obtained from the insured that was not passed along to the insurance company. If that information was material and it would have caused the company to decline the account, they may pay a covered loss to the policyholder, then obtain reimbursement from the agency or its E&O carrier

Basic Course Information

Learning Objectives
  • Understand the history and evolution of agency E&O claims
  • Identify the real, underlying causes of E&O losses and their cost
  • Determine what “services” do not add value to a client – and refrain from doing them
  • Recognize the way effective procedures help an Account Manager provide outstanding service
  • Document files effectively for E&O reduction and to maintain database integrity

Major Subjects
  • Experienced Account Managers will enhance their skills, productivity and effectiveness
  • Newcomers will acquire powerful methods that represent world-class customer service
  • Everyone learns to reduce errors and omissions exposures and develops true career satisfaction
  • Learn the things you wish you’d been told your first days, weeks or months on the job.

Course Materials

Faculty

Cheryl Koch's Profile

Cheryl Koch Related Seminars and Products

President and CEO

Agency Management Resource Group


Cheryl Koch has been in the insurance industry for a very, very long time.  Now, you might think that makes her old, however, old is merely a state of mind.  Over the years, Cheryl has served in nearly every capacity in an Independent Agency, having been an Account Manager, Producer and Agency Owner.  She now devotes her time to agency management consulting and training and speaking at industry functions throughout the country.  She is the President and CEO of Agency Management Resource Group located in Roseville, California.  Cheryl consults on marketing and sales, sales management, agency operations, automation, and strategic planning.

Cheryl is also a devotee of lifelong learning and has earned a number of insurance industry professional designations:  CPCU (Chartered Property Casualty Underwriter), CIC (Certified Insurance Counselor), ARM (Associate in Risk Management), AAI (Accredited Adviser in Insurance), API (Associate in Personal Insurance), AAM (Associate in Automation Management), AIM (Associate in Management), AIS (Associate in Insurance Services), ARP (Associate in Research and Planning), Associate in General Insurance (AINS), ACSR (Accredited Customer Service Representative) and AFIS (Agribusiness and Farm Insurance Specialist).  It is the last designation, AFIS, of which she is most proud, having created it along with the late Dr. Emmett J. Vaughan.  Some would say that Cheryl is a real insurance nerd, and she would not disagree.

Cheryl has a Bachelor’s degree in Economics from UCLA and an MBA from Sacramento State University, where she served as a faculty member in their Risk Management and Insurance program for many years.  She has also served as President of the Sacramento Chapter of CPCU and was on the CPCU Society’s Board of Governors for three years.

Cheryl serves as a volunteer member of the Independent Insurance Agents and Brokers of America Virtual University “Ask An Expert” Committee.  She is also a member of the Society of Insurance Trainers and Educators (SITE), the Society of CPCU and the American Association of Insurance Management Consultants (AAIMCO).

When she’s not busy with her insurance activities, Cheryl enjoys spending time at baseball games, and has been to nearly every major league ballpark.  She is a lifelong Chicago Cubs fan, which should explain a lot about her. 


Sharon A, Koches, CPCU, RPLU, AAI, AU, ITP's Profile

Sharon A, Koches, CPCU, RPLU, AAI, AU, ITP Related Seminars and Products

Managing Performance, LLC.


Sharon Koches, owner/consultant of Managing Performance, LLC is an Insurance Educator, consultant and industry resource.  She is also a consultant for Agency Management Resource Group and serves on the National CPCU Society Leadership Council.

 

Sharon was Vice President of Insurance Operations & Technical Affairs at the Independent Insurance Agents of North Carolina (IIANC). A member of the Senior Management Team, responsibilities included technical affairs, management of IIANC’s Errors & Omissions Program, Group Insurance Program, Market Access Program and the insurance operations for the North Carolina Association of Insurance Agents (NCAIA), an affiliated corporation of IIANC which is responsible for placing the insurance coverage for the State of North Carolina, including state agencies, departments and universities.  In addition she was responsible for special projects, creating and instructing educational courses and symposiums, and consulting on agency procedures and technical issues.

Prior to that, Sharon was with The Institutes (previously the American Institute for CPCU/ and the Insurance Institute of America) serving as a sales executive in the Southern Region, as well as liaison to the Independent Insurance Agents and Brokers of America (IIABA).

Sharon was an account manager, a field underwriting/production position, for Selective Insurance Company’s Alternative Market/Large Accounts Department (SRM). Her other positions at Selective included specialty lines account manager and agency management specialist (small/middle market field underwriting/production). She also handled Casualty Facultative Reinsurance. 


Dates

Fri, Dec 27, 2024 - 12:00pm to 01:57pm EST
Tue, Jan 07, 2025 - 11:00am to 12:57pm EST
Thu, Jan 23, 2025 - 02:00pm to 03:57pm EST
Fri, Feb 07, 2025 - 05:00pm to 06:57pm EST
Wed, Feb 26, 2025 - 09:00am to 10:57am EST
Mon, Mar 10, 2025 - 11:00am to 12:57pm EDT
Fri, Mar 28, 2025 - 02:00pm to 03:57pm EDT
Mon, Apr 07, 2025 - 05:00pm to 06:57pm EDT
Fri, Apr 25, 2025 - 09:00am to 10:57am EDT
Mon, May 05, 2025 - 11:00am to 12:57pm EDT
Tue, May 20, 2025 - 02:00pm to 03:57pm EDT
Fri, Jun 06, 2025 - 05:00pm to 06:57pm EDT
Mon, Jun 23, 2025 - 09:00am to 10:57am EDT
Tue, Jul 01, 2025 - 11:00am to 12:57pm EDT
Mon, Jul 21, 2025 - 02:00pm to 03:57pm EDT
Fri, Aug 08, 2025 - 05:00pm to 06:57pm EDT
Mon, Aug 25, 2025 - 09:00am to 10:57am EDT
Wed, Sep 03, 2025 - 11:00am to 12:57pm EDT
Thu, Sep 18, 2025 - 02:00pm to 03:57pm EDT
Fri, Oct 10, 2025 - 05:00pm to 06:57pm EDT
Mon, Oct 27, 2025 - 09:00am to 10:57am EDT
Mon, Nov 03, 2025 - 11:00am to 12:57pm EST
Tue, Nov 18, 2025 - 02:00pm to 03:57pm EST
Fri, Dec 05, 2025 - 05:00pm to 06:57pm EST
Mon, Dec 22, 2025 - 09:00am to 10:57am EST

State Specific Details

State Approval Information Details KY - This course is approved for 2 hours of credit - # C25183

Basic Course Information

Course Developer Agency Management Resource Group

Promo Video

Reviews

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Overall:      5

Total Reviews: 28